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Earnings Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share

Earnings Per Share

Note 13 Earnings Per Share

The Company calculates earnings per share under the two-class method, as certain non-vested share awards contain non-forfeitable rights to dividends. As such, these awards are considered securities that participate in the earnings of the Company. Non-vested shares are discussed further in note 11.

The Company had 38,045,622 and 37,899,453 shares of Class A common stock outstanding as of June 30, 2025 and 2024, respectively, exclusive of issued non-vested restricted shares. Certain stock options and non-vested restricted shares are potentially dilutive securities, but are not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive for the three and six months ended June 30, 2025 and 2024.

The following table illustrates the computation of basic and diluted earnings per share for the three and six months ended June 30, 2025 and 2024:


		For the three months ended						For the six months ended
		June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net income		$	34,022		$	26,135		$	58,253		$	57,526
Less: income allocated to participating securities			(289)			(89)			(486)			(154)
Income allocated to common shareholders		$	33,733		$	26,046		$	57,767		$	57,372
Weighted average shares outstanding for basic earnings per common share			38,075,896			38,210,869			38,072,196			38,121,114
Dilutive effect of equity awards			75,914			161,908			114,464			178,321
Weighted average shares outstanding for diluted earnings per common share			38,151,810			38,372,777			38,186,660			38,299,435
Basic earnings per share		$	0.89		$	0.68		$	1.52		$	1.51
Diluted earnings per share			0.88			0.68			1.51			1.50

The Company had 555,656 and 709,026 outstanding stock options to purchase common stock at weighted average exercise prices of $32.95 and $31.50 per share at June 30, 2025 and 2024, respectively, which have time-vesting criteria, and as such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those stock options is dilutive. The Company had 219,190 and 201,626 unvested performance stock units issued as of June 30, 2025 and 2024, respectively, which have performance, market and/or time-vesting criteria, and as such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those units is dilutive.